Air Products has finally given up on its hostile takeover bid for Airgas, a leading distributor of packaged gases and related hard-goods. But is this, Cramer asked Wednesday, just another development in this lengthy saga?

In an unanimous vote, Airgas' board recently rejected Air Products' offer of $70 a share. Soon after, Air Products went to court and tried to void Airgas' poison pill plan, which protects its shareholders from a hostile takeover. Air Products lost the case on Tuesday, though. Since then, Airgas shares rose sharply. Thanks to a trio of upgrades and news of a $300 million buyback, the stock continued to climb on Wednesday.

Unlike most takeovers, Air Products' low-ball bid for Airgas dramatically undervalued the company, Cramer said. The bids actually capped Airgas' upside, he explained. After all, the stock was stagnant for more than a year, even though earnings have been positive and its business segments continue to experience growth in demand. With Air Products no longer trying to purchase the company, Cramer thinks Airgas shares can fully reflect these positives.

So where does Airgas go from here? To find out, Cramer spoke with CEO Peter McCausland. Watch the video to see the full conversation.